The sun. [volume] (New York [N.Y.]) 1833-1916, 1887-09-23
MONEY In BETTER SUPPLY.
THE TREASURY DEPARTMENT CIRCULAR
BRACES WALL STREET UP.

The Improved Feeling Reelected In n Very
Strong and Active Market-Bonds Re-
deemed at the sub-rreasury Yesterday.
The circular Of the Treasury Department,
issued late Wednesday evening, was generally
regarded In financial and business circles yes
terday az conclusive evidence that the Govern
ment does not intend to allow the accumula-
lions Of the Treasury to interfere with the
legitimate interests OF the country. It was
apparently all that was wanted to dispol the
fears OF weak-kneed money lenders, who have
recently become so demoralized that they were
afraid to loan their money to any one or upon
any security. 1t also gave the money lenders
OF the shylock class q decided set back, for
they appreciate as keenly rs any one else that,
with returning confidence, money that has
been boarded will be returned to the channels
Of trade Money was in better supply all
around yesterday. On call at the Stock Ex-
change the rates were to per cent. First
class customers received calls from money
lenders or offers Of funds, and some time loans
were negotiated and renewals Of time loans
were not difficult to make at 6 per cent The
only buyers Of commercial paper for some time
past have been out-of-town banks These
bought little moro freely yesterday, 80 that
the market could be quoted as showing q bet
ter demand. Rates rule from OK to 8 por cent,
according to the names.
Upon the Stock Exchange the improved feel
ing was reflected in very strong and active
market at the opening. The bears tried to be-
little the effect Of the action Of the Admins
tration, and, naturally. since the accumulation
and retention Of money in the Treasury has
been the, most effective influence. depressing
political mind never seems to appreciate that
II certain policy fayors speculation. the
and also the additional fact that speculation
reflects business prosperity. while its collapse
nsat aat ths R
taiE6t money his year L has sustained an H.
Elevated Railway eIique, and the iniaqitIes q
share toward undermining confidence in Wall
street and its wares. Wall street, has suffered
rather from discrimination in the matter Of
funds TO conduct its business. The right PEG:
money ali summer. Even since the merchants
began to complain, Wall street has had money
on call, secured by good collateral than to in;
vest It fCE sixty or ninety days in commercial
for money has not been for it's own uses as
many s@SpSse but fer the business n com
chants and others, in trade and business can
Tas ss1t s sss stSse 1ss
s1 Indicating that Wall street had no occa
sion for alarm on its own account Q carefully
viii SHOW. In August last year N money ruled
Is as s1 ana per Ss% fSsfo
values particularly disturbed. In septembera
year ago money ranged from to sper cent.
We're frequently quoted upon the he STOCK tx.
change. In October the rates were from and
We'll under way y.r Gven.on WednesdaS tie Day
nounced, money was easier than the same day
q, 1885,. SO far as Wall street Is concerned It
Indications outside Of the street are that the
restoration Of confidence as well as the actual
relief the ms e wa4t Of
were tsnde55e ere Ia and paid for In this AMOUNT
Secretary saiiipg for 100000 as and 4, Il
nodded yss{sTSsS: and 10000 Il he i xsrs
Ct ke The II street
WAsH1NGToN, Sept. 22.EThe result of the
circular issued to-day by the Treasury. offer.
and 1875 respectively. was awaited with appre-
Aension by the department n Throughopt the
uay proposals 10 SOL came IN aC intervals, DuC |
they were for small amounts, and it was with |
evident disappointment that the announce |
ment was made soon after 8 P NJ. that the |
aggregate OF the offers at the prices fixed by |
the department was only $674,7O0 That tho |
proposition to purchase the 4 per cent.
garded as an inducement was inferred from |
the small Offering, $4SO.O0O, OF these bonds, |
But 1t appears that the temper Of sellers had |
been miscalculated, for later in the day addi- |
::SS's ssS SS. 81 Witch $4,000 Esrs y and
Guiding sss4. 100 and $4,000. 900 Der re cent.
bonds. Taking into consideration the fact |
that the circular was issued to-day, and that |
the public had not fairly had time to become |
acquainted with its terms. the financial off, |
GERS OF the Treasury are pleased with tho |
result. It was deemed best not to make public |
Today the names Of the persons and firms who |
sold bonds to the Government, and 1t Is prob
able that this information will not be furnished |
hereafter. During the day many kilograms |
were received at the department asking |
whether bonds can be offered to the Assistant |
Treasurer at New York and be paid for as pro- |
yided In the circular. This afternoon Acting |
Secretary Thompson authorized the statement |
that the offers must be made to the Treasury |
Department at Washington, and the Assistant |
Treasurers will pay for the bonds purchased.
FINANCE IN CHINATOWN